800 apartments in Gera sold to Berlin investor
GWB Elstertal Geraer Wohnungsbaugesellschaft is selling 828 residential and commercial units in Gera’s Bieblach district to a Berlin investor managed by ImmoMa. The apartments have been only partially renovated, and about half are currently unoccupied. Transfer of ownership is scheduled for the end of December. ImmoMa will assume the property management of the portfolio and continue renovation of the apartments in stages. Markus Popp, GWB’s Managing Director, says that the “concentration of our portfolio on the core stock is essentially complete” with the sale agreement. The company had previously been a municipal enterprise overseeing 6,700 apartments. Benson Elliot had acquired a majority stake in the property in August 2016. 250 apartments had been sold to the Jena company Saale Immobilienverwaltung by autumn of last year.
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